Cost of Living in Belize

The appeal and attraction of Belize is intensifying annually with recent figures from the Belize Central Statistic Office revealing that the population of the country is increasing rapidly and fast approaching 300,000 permanent residents.

Of those considering relocating to Belize many are retiring to the country, some are considering starting a business serving the tourist market and all are interested in finding out about the cost of living in Belize; this article provides an overview of the economic situation in the country and an approximation of the average cost of living.

In Belize unemployment stands at around 12.9% which is high but fairly usual for a second world country.  This does mean that anyone considering moving to the country needs to consider how they are going to afford to live day to day.  If you’re retiring to Belize then the Retired Person’s Incentive Program may allow you to live a tax free lifestyle which should increase your purchasing power quite considerably and make any pension or investment income you receive go that much further.

If on the other hand you want to relocate to Belize and find work or start a business you have to find out how realistic your plans are and whether the economy can sustain your ambitions for it.  Furthermore you need to find out about visas and permissions to work as well as getting a visa to become a resident of the country. 

For more information on these points contact your nearest Belizean embassy.  Try http://www.embassyworld.com/

The GDP (gross domestic product) in Belize increased by about 3.5% in 2004 which is encouraging, but at the same time inflation continues to increase in the country which in simple terms means that the cost of living in Belize keeps rising.  Belize has become known as the most expensive of the Central American countries in which to live.  This is bad news for consumers and those considering starting a new life or a new business in Belize.

Good news comes in the form of economic growth information; the tourism, agriculture and construction industries in Belize are all enjoying booming times and people’s desire to holiday or buy second homes in the country is fuelling the overall economic growth in Belize which in turn promotes confidence in the country and leads to further inward investment which in turn further strengthens the economy.

When it comes to breaking down the cost of living in the country it’s very important to consider the following points.  Belize is a multi-tiered economy and the cost of living will depend on an individual’s lifestyle choices.

The average per capita income in Belize is less than USD 6,000 - so you can afford to live on a very moderate income in Belize if you live like a Belizean or you can choose to live the American dream in an expensive property with a gas guzzling 4 x 4 on the drive, sending your children out of the country to private school and partying with your expatriate friends at the most exclusive and expensive hotspots in Belize!

On closer inspection here are some examples of prices and costs that we have found: - when it comes to accommodation you can rent a small flat in Belize City from around USD 1,000 or a large house in the Cayo district for USD 300 a month.  You can buy a piece of land large enough to build a house on from USD 5000 or pay up to USD 10,000 depending on the attraction of the location.  You can buy a house from as little USD 25 per square foot or you can pay right up to USD 250,000 and beyond for a nice ocean front property in a gated community.

When it comes to grocery shopping, as with many countries the imported goods tend to be significantly more expensive than local, home grown or produced equivalents and prices vary massively from shop to shop and town, village and city.  For fresh fruit and vegetables either grow your own as the climate allows you to easily grow almost anything or shop locally at markets and street-side stalls.  If you buy produce that is in season it is always far cheaper (at least 50%) than purchasing something that has to be imported.

Drinking local alcohol is far cheaper than consuming imported spirits and wines and some of the latter don’t seem to survive the import process too well and are a bit rough anyway!  If a couple keep their alcohol consumption to average levels (!) and shop around wisely they can easily live on USD 100 a week.

Average monthly per couple costs for water are around USD 25, electricity is quite expensive with average monthly costs for a couple reaching USD 100, internet costs are around USD 55 a month, cable TV is around USD 18 a month and telephone costs can vary massively depending on the number of local and international phone calls made with the latter being expensive in Belize.

Please note all the cost of living numbers are based on average data collated and are always subject to change as the economy, inflation and lifestyle choices fluctuate and vary.